by Amy-Jo Crowley, Dominique Patton and Mathieu Rosemain

London (Reuters) – Representatives of Armani have approached potential buyers, including the French group L’Oréal, for the sale of a minority participation in the famous Italian fashion group, following the death of the creator Giorgio Armani in early September, three sources told Reuters.

Two of the sources told Reuters that the Giant of Beauty L’Oréal was one of the approached companies.

Private investment funds have so far not been asked as potential buyers, said one of these sources and a fourth person.

According to two of the sources, the Rothschild firm should advise the company as part of a transaction. The group has links with the consulting firm through Irving Bellotti, a partner of Rothschild who sits on the board of directors of the Armani Foundation.

Discussions are only in their beginning, said one of the sources, adding that any advance could take months.

Armani asked her heirs to sell their shares

Reuters was unable to determine who had taken steps on behalf of the company’s sellers. The four sources required anonymity due to the private nature of the case.

The Armani group and the consulting firm Rothschild refused to comment.

L’Oréal, which has a license agreement with the Armani group until 2050, did not respond to requests for comments.

In his will published last month, the late Italian creator Giorgio Armani asked his heirs to sell a 15% stake in the fashion house within 18 months of his death, then to transfer an additional 55% to the same buyer, or to consider an IPO.

The will indicates that the priority must be given to the luxury conglomerate LVMH, the L’Oréal beauty giant and the Essilorluxotica glasses manufacturer.

The three companies mentioned made statements suggesting that they were open to the possibility of an agreement.

The priority could also be given to another group of equal importance “, identified by a foundation that the creator created to preserve his inheritance, with the agreement of the Armani business and life partner, Pantaleo Dell’orco.

The Armani and Pantaleo Dell’orco Foundation hold 30% and 40% of the company’s voting rights respectively, which means that they would control the fashion group up to 70%. The Foundation will keep a participation of 30.1% in the event of rating and sale, specifies the will.

Pantaleo Dell’orco, which was part of the foundation’s executive committee, could not be joined for a comment. A representative of the Armani Foundation refused to comment.

According to analyst estimates, the Armani brand could be worth between 5 and 12 billion euros.

(Report of Amy-Jo Crowley in London, Dominique Patton and Mathieu Rosemain in Paris, Lisa Jucca in Milan, with the contribution of Elisa Anzolin; Coralie Lamarque; edited by Kate Entringer)

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